DTC
DTC
DTC - Datatec Limited - Unaudited results for the six months ended 31 August
2007
DATATEC LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1994/005004/06)
ISIN: ZAE000017745
Share Code: DTC
("Datatec")
UNAUDITED RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2007
Financial highlights
* Revenue up 26% (11% organic) to $1.92 billion (2006 restated: $1.52
billion)
* Gross margin percentage improved to 12.9% (2006: restated: 12.6%)
* Underlying* EBITDA increased by 26% to $61.0 million (2006: $48.4 million)
* Underlying* earnings per share up 35% to 18.9 US cents (2006: 14.0 US
cents)
* Headline earnings per share up 8% to 16.8 US cents (2006: 15.6 US cents)
Operational highlights
* Robust growth outside the US: 57% of Group revenue now derived from outside
the US
* Major acquisitions transform Westcon`s European business and improve the
vendor mix
* Logicalis US restructured to improve profitability
Jens Montanana, Chief Executive of Datatec, commented:
"We have made good progress with our strategy to deliver long term, sustainable
above average returns to shareholders by focusing on a combination of organic
growth in the faster growing sectors of the ICT market, geographical expansion
and through earnings enhancing acquisitions.
"As planned we completed a number of important acquisitions during the first
half. These have not only significantly strengthened our competitive position
in Europe but have also enhanced our product mix, operational leverage and
geographical presence around the world."
* excluding goodwill impairment, amortisation of intangible fixed assets, profit
or loss on sale of assets and businesses and unrealised foreign exchange
movements on inter-company loans.
1 PROFILE AND GROUP STRUCTURE
Datatec Group ("Datatec" or the "Group", JSE and LSE: DTC) is an international
ICT networking and related services business with operations in many of the
world`s leading economies. The Group`s main lines of business comprise: the
global distribution of advanced networking and communications convergence
products ("Westcon"); ICT infrastructure solutions and network integration
("Logicalis"); and telecommunication strategy consulting ("Analysys Mason").
"Other Holdings" encompasses the Group`s distribution and integration businesses
in the Middle East and Africa as well as the Head Office.
2 STRATEGY
The Group`s strategy is to deliver long-term, sustainable, above average returns
to shareholders through the development of its three principal operating
divisions. These divisions are run as focused standalone businesses to
facilitate enhanced operational and financial performance and enable them to
react faster to technology change.
The key elements of the Group`s strategy are: continued focus on the higher
value, faster growing sectors of the ICT market such as IP communications and
convergence technologies; targeted geographical expansion particularly in
emerging markets and developing countries in close proximity to existing
operations; and investment in higher margin services activities such as managed
services and consulting and by focussing on value-enhancing acquisitions.
The Group has successfully grown and diversified its global business so that its
non US operations accounted for 57% of Datatec`s total revenue in the first
half. Asia-Pacific, Africa & Middle East and South America are growing faster
than North America and now account for 15% of the Group`s revenues. US and
European operations are now more evenly balanced delivering 43% and 42% of the
mix respectively.
3 OVERVIEW
Group trading during the first half of the financial year has been in line with
the Board`s expectations, with the exception of lower than expected
profitability in Logicalis` US operations. Overall organic revenue growth was
11.4%, gross margins and profits have both improved, and underlying* earnings
per share are up 35%.
Market conditions remain subdued in the US with as yet no apparent impact in
demand in the rest of the world. Europe, Asia Pacific and in particular
emerging markets continue to produce solid and predictable growth. The weakening
US dollar has helped underpin the broad based global demand for technology
products which are mostly priced in dollars. Lower growth conditions in the US
have been offset by stronger growth in the rest of the world.
The Group continues to benefit from its enhanced scale and sector focus of
providing communications for ICT to service providers, integrators and
multinational corporate and business users around the world. Although the USA
and Europe operations continue to account for a large proportion of the Group`s
revenues and profits, as planned, the higher growth emerging market operations
are now contributing an ever increasing proportion of the Group`s business.
During the period, the Group completed a number of acquisitions which have
improved its geographical reach, vendor relationships, market position and
product mix as well as enhanced its overall scale. In particular, Westcon
completed two significant earnings enhancing acquisitions in Europe, NOXS and
Crane, and Logicalis purchased the IT division of Carotek, Inc. in the USA.
Logicalis has also recently announced a record $150 million seven year contract
with the Welsh Assembly Government to deliver and maintain a national broadband
network.
4 FINANCIAL RESULTS
Group revenue increased by 26% (11.4% organic growth) to $1.92 billion (2006
restated: $1.52 billion), while gross margin increased from 12.6% to 12.9%. The
2006 revenue and margin percentages have been restated for the effect of the
change in accounting for revenue recognition of vendor maintenance contracts
implemented in the year ended February 2007.
Of the Group`s $1.92 billion revenue in the period, 43% was generated from North
America, 42% from Europe, 6% from Asia Pacific, 2% from South America and 7%
from Middle East and Africa.
Underlying EBITDA increased by 26% to $61.0 million (2006: $48.4 million) in
line with revenue growth. This figure excludes unrealised foreign exchange
losses on inter-company loans of $0.5 million (2006: $3.5 million gain). EBITDA
increased 16% to $60.5 million (2006: $52.0 million).
Amortisation of intangible fixed assets arising from acquisitions rose to $4.5
million (2006 $1.7 million) as a result of intangible assets arising on the
acquisitions made over the past year.
Underlying operating profit, before the impact of unrealised foreign exchange
gains/losses and amortisation of intangible fixed assets increased by 29% to
$53.5 million (2006: $41.4 million). Operating profit increased by 12% to $48.5
million (2006: $43.3 million).
Underlying profit before tax increased by 24% to $45.5 million (2006: $36.6
million). The net interest charge in the period was $8.0 million (2006: $4.8
million) as a result of cash expenditure on acquisitions and higher interest
rates. Profit before tax increased by 5% to $40.5 million (2006: $38.5 million).
The Group`s effective tax rate decreased to 30.0% from 39.0% in the equivalent
period last year and 30.5% for the year ended 28 February 2007, primarily due to
the utilisation and recognition of previously unrecognised UK tax losses.
Underlying* earnings per share rose 35% to 18.9 US cents (2006: 14.0 US cents).
Basic and Headline earnings per share increased by 8% to 16.8 US cents (2006:
15.6 cents). The Group issued 7.2 million new shares in May 2007 in connection
with an institutional placing. The Group also issued 2.1 million shares to share
option holders and 4.5 million shares were issued for acquisitions.
The Group`s current cash distribution policy is not to make payments at the
interim stage of the financial year but the Board expects to make a payment to
shareholders after the year end results.
Working capital remained tightly controlled during the period with trade
receivables increasing 19% since 28 February 2007, inventory increasing by 8%
over the same period and trade payables increasing by 8% since 28 February 2007.
Cash generated from operations (after working capital changes) amounted to $2.7
million (2006 cash outflow: $10.6 million). The Group spent $153 million on
acquisitions in the first half of the financial year and paid $17 million to
shareholders as a capital distribution in July 2007. $35 million was received
from an institutional placing in May 2007. The Group ended the half-year period
with net debt of $35 million, including long-term and short-term debt (28
February 2007 net cash: $99 million).
5 DIVISIONAL REVIEWS
Westcon
Westcon accounted for 72% of the Group`s revenues and 78% of EBITDA.
Westcon focuses on the distribution of networking, security and IP convergence
products. It continued to perform well, with strong revenue and EBITDA growth
in Europe and Asia Pacific and lower growth in the US. Across all regions
Westcon has continued to gain market share by opening up new channels for
complex vendor solutions in higher growth SMB/SME sectors and through providing
outsourced logistics and procurement services to a growing number of global
service providers and large scale integrators.
Westcon generated revenues of $1.39 billion, up by $256 million or 23% (2006
restated: $1.13 billion). Of this, acquisitions accounted for $123 million of
the growth and existing businesses $133 million. The revenue growth was
attributable to all three regions. As a result of the two European
acquisitions, Europe now represents 45% of Westcon revenue compared to 40% for
the comparable period in 2006.
The acquisitions also further balance the vendor mix, with Cisco now accounting
for 57% of Westcon revenue compared to 61% for the comparable period in 2006.
Westcon`s other major vendors, Nortel and Avaya constituted 11% and 10% of total
revenue respectively (2006: 13% and 9%) and there was strong growth in revenues
from other vendors which accounted for the remaining 22% of revenue (2006: 17%).
Gross margin increased to 9.8% (2006 restated: 9.2%) contributing to a 32%
increase in gross profit to $136.4 million (2006: $103.5 million). The gross
margin increase was attributable primarily to Europe and Asia Pacific.
Operating expenses of $88.7 million (2006: $65.5 million) increased primarily
due to higher headcount levels following the acquisitions. EBITDA margins were
consistent at 3.4% resulting in an increase in EBITDA to $47.7 million (2006:
$38.0 million). All regions saw an improvement in EBITDA.
Westcon completed two significant acquisitions in Europe during April and May
respectively; NOXS Europe B.V, a leading European security distributor for
approximately $69 million in cash, and Crane Telecommunications Group, a leading
UK-based European value added distributor of voice, data and converged
communications solutions for approximately $67 million in cash and shares. Net
assets acquired with NOXS and Crane were $36 million and $25 million
respectively and goodwill arising was $33 million and $42 million respectively.
Westcon also acquired the assets of ReView Video LLC, a leading US distributor
of audio, network, videoconferencing and voice over IP (VoIP) solutions, from
ReView Video LLC for a cash consideration of $25 million in July 2007. Net
assets acquired were $16 million and goodwill of $9 million arose on the
acquisition.
The acquisitions are important steps in Datatec`s strategic plans to leverage
Westcon`s financial strength and scale of operations, including both broadening
and strengthening its vendor relationships. These businesses also bring new
opportunities in convergence, security and mobility to both new and existing
customers. These acquisitions are being successfully integrated into Westcon
and are performing well.
Logicalis
Logicalis accounted for 20% of the Group`s revenues and 13% of EBITDA.
Logicalis delivers IT services specialising in infrastructure solutions aimed at
providing corporate organisations with complete computing and IP communications
along with data centre managed services for their enterprise wide requirements.
The market for these solutions continues to develop strongly as companies
embrace the benefits of broadband services and increasing online transactions.
Within Logicalis, Europe and South America have performed strongly. However, as
previously announced, growth in the US moderated in the first half and
particularly during the second quarter, mainly as a result of lower than
anticipated sales of IBM equipment. Consequently operating costs were too high
in proportion to expected revenues. As a result, Logicalis reported lower first
half EBITDA compared with last year.
Overall, revenue in Logicalis increased by 28% (9% organic) to $395.5 million
(2006 restated: $308.4 million). This included $3.5 million arising from the
acquisition of the IT division of Carotek, Inc. during the period. IBM sales
comprised 39% of Logicalis` revenue, Cisco 26%, HP 24%, EMC 2% and other 9%.
North America made up 50% of Logicalis` revenue, Europe 44% and South America
6%.
Gross margin for the year was 21.6% (2006 restated: 22.3%) with product margins
slightly weaker, and EBITDA was $8.1 million (2006: $11.8 million) and operating
profit was $3.3 million (2006: $8.6 million).
On 31 May 2007, Logicalis US acquired Carotek`s Information Technology Division,
based in Matthews, North Carolina for $7 million in cash and shares. Net assets
of $4 million were acquired and $3 million of goodwill arose on acquisition.
Logicalis US has absorbed five acquisitions over the last three years and
following the slower second quarter growth, the sales infrastructure proved to
be too high. Management took prompt action to restructure the US operation
which has resulted in a workforce reduction of approximately 12% with all costs
of this action accounted for in the first half. Logicalis management is
confident that the swift actions taken to restore the profitability in the US
will result in an improved performance in EBITDA for the full year compared to
the previous year.
Across the business, the Logicalis management has increased the focus on client-
specific solutions that leverage the Logicalis portfolio. Each region has
developed single solutions sales and consulting services units. This is already
adding value to these solutions and further strengthening client relationships,
with a significant number of major long term customer contracts recently
secured. Most notable was the awarding of a $150m seven year contract with the
Welsh Assembly Government for the provisioning and support of a new national
broadband network
Analysys Mason
Analysys Mason accounted for 2% of the Group`s revenues and 5% of EBITDA.
Analysys Mason provides strategic and technical consulting to many of the
industry`s leading service providers, regulators and government bodies.
Convergence in telecommunications, broadcasting, television and online media
content is being fuelled by widespread deployment of faster broadband internet
infrastructure. The Group is particularly well positioned to exploit demand for
advisory and consulting services in this market around the world.
Analysys Mason has performed well, with a modest increase in revenues and
improved gross margins. Analysys Mason revenues increased to $31.5 million
(2006: $30.7 million) with over half of these revenues coming from non UK
clients. Its revenues from developing economies, particularly Africa and the
Middle East, now make up 32% of total revenue (2006: 20%) and the business
continues to explore opportunities in these areas.
Gross margins in the division`s consulting businesses have improved year on year
and this has produced modest profit growth in this area. However, the division
made significant investment in its research business during the period and this
has depressed overall profitability in the first half of the financial year.
EBITDA amounted to $3.0 million at a margin of 9.6% (2006: $3.2 million at
10.5%). Operating profit was $2.7 million (2006: $3.0 million).
Middle East & Africa
Datatec`s Middle East and Africa operations made up 6% of the Group`s revenue
and 4% of EBITDA (excluding head office costs).
African Legend Indigo is Datatec`s 55% owned South African operation formed in
partnership with African Legend Technologies as part of South Africa`s Black
Economic Empowerment programme on 1 September 2006. This business generated
revenue of $27.1 million in the period (2006: $2.7 million) and, as expected,
incurred an EBITDA loss of $0.2 million (2006: loss of $0.2 million).
Westcon SA achieved revenues of $38.7 million (2006: $29.5 million). EBITDA was
up 66% to $1.5 million (2006: $0.9 million). Westcon Africa Middle East with
operations in Africa outside South Africa achieved revenues of $18.6 million and
EBITDA of $0.3 million in its first reporting period as part of the Group.
Online Distribution, Datatec`s leading value-added distributor for data
networking products and services, covering the Middle East, Western Asia and
North Africa, increased revenues by 29% to $26.7 million (2006: $20.7 million).
EBITDA was $1.2 million (2006: $1.0 million). Comstor Middle East, a new
business operating in the same geographical region, achieved revenues of $4.4
million in the period with an EBITDA loss of $0.3 million.
6 REPORTING
This report has been prepared in accordance with IAS 34 and in accordance with
the Group`s accounting policies which are consistent with the prior year and
comply with International Financial Reporting Standards ("IFRS") of the
International Accounting Standards Board, the JSE`s Listings Requirements, the
AIM Rules and the Companies Act of South Africa. It is not practical to
establish either the revenue or profit after tax which the acquisitions referred
to in this report would have contributed to the Group if they had been included
for the entire financial period.
The report has not been audited.
7 DIRECTORATE
Mr John McCartney was appointed to the Board as an independent non-executive
director with effect from 16 July 2007. Mr Colin Brayshaw retired from the
Board on 6 August 2007.
8 SUBSEQUENT EVENTS
With effect from 1 September 2007, Westcon Africa Middle East acquired a 51%
interest in the Sparnoon-Dynatech Group, an established African ICT distributor.
On 1 October 2007, the Group`s Logicalis subsidiary acquired the 20%
shareholding in its South American businesses which it did not already own.
Logicalis also acquired a further 50% of Intact Integrated Services GmbH, its IT
services operation in Germany on 1 October 2007 to take its holding in that
business to 75%. As part of the consideration for these two transactions, 0.6
million Datatec shares were issued.
On 2 October 2007 Westcon Group, Inc. acquired the assets of Cernet of America,
Inc. and its related Mexican company, Cernet Tecnologia en Telecomunicaciones,
S.A. de C.V.
9 CURRENT TRADING AND PROSPECTS
Datatec has continued to see strong demand for ICT products and services in all
of its major markets despite the US economy being subdued. The growth trend
established by the Group during the last few years remains encouraging, as do
the fundamentals of its addressable markets around the world. The weaker dollar
has provided support for investment in technology solutions globally which are
mainly denominated in the US currency.
Westcon is expected to continue to show good growth in the second half of the
year, driven organically and from the recent acquisitions which are being
successfully integrated. Logicalis has taken the necessary actions to improve
the EBITDA contribution of its US operations and should see good improvement in
the second half of the financial year. Analysys Mason expects to see an
increase in both revenues and profitability in the second half of the financial
year.
Current trading remains satisfactory and in line with the Board`s expectations
for a stronger second half in comparison with the first half of the year.
On behalf of the Board:
L Boyd J P Montanana D B Pfaff
Chairman Chief Executive Officer Group Finance Director
25 October 2007
CONDENSED GROUP INCOME STATEMENT
Restated
Unaudited Unaudited Audited
six months six months year ended
to to
US$ 000`s 31 Aug 07 31 Aug 06 28-Feb-07
Revenue 1,921,704 1,520,270 3,167,772
Continuing operations 1,776,978 1,497,293 3,075,344
Acquisitions 144,726 22,977 92,428
Cost of sales (1,673,876) (1,329,377) (2,752,601)
Gross margin 247,828 190,893 415,171
Operating costs (186,842) (142,444) (302,129)
Unrealised foreign exchange (536) 3,537 6,314
(losses) / gains
Operating profit before finance 60,450 51,986 119,356
costs, depreciation and
amortisation ("EBITDA")
Depreciation (7,470) (7,051) (13,676)
Amortisation related to (4,460) (1,676) (5,396)
intangible assets
Operating profit before 48,520 43,259 100,284
goodwill adjustment
Goodwill adjustment - - (1,142)
Operating profit 48,520 43,259 99,142
Interest received 5,311 6,071 9,641
Financing costs (13,360) (10,833) (19,295)
Loss on disposal of investments 0 0 (55)
Profit before taxation 40,471 38,497 89,433
Taxation (12,122) (15,014) (27,305)
Profit for the period from 28,349 23,483 62,128
continuing operations
Profit for the period from - 34 24
discontinued operations
Profit for the period 28,349 23,517 62,152
Attributable to:
Minority interests 905 659 2,103
Equity holders of the parent 27,444 22,858 60,049
28,349 23,517 62,152
Number of shares (millions)
Issued 169 147 155
Weighted average 163 147 150
Diluted weighted average 166 150 153
Earnings per share (US cents)
Basic EPS 16.8 15.6 40.0
Diluted basic EPS 16.5 15.2 39.2
SALIENT FINANCIAL FEATURES
Headline earnings 27,368 22,936 61,226
Headline earnings per share (US
cents)
Headline 16.8 15.6 40.8
Diluted headline 16.5 15.2 40.0
Underlying earnings 30,857 20,473 58,860
Underlying earnings per share
(US cents)
Underlying 18.9 14.0 39.2
Diluted Underlying 18.6 13.6 38.5
Net asset value per share (US 362.2 322.4 346.9
cents)
Net tangible asset value per 172.1 209.2 219.6
share (cents)
Cash generation / (utilisation) 1.6 (7.2) 12.9
per share (US cents)
KEY RATIOS
Gross margin % 12.9 12.6 13.1
EBITDA on ongoing operations % 3.1 3.4 3.8
Effective tax rate % 30.0 39.0 30.5
Exchange Rates
Average Rand / US$ exchange 7.1:1 6.7:1 7.0:1
rate
Closing Rand / US$ exchange 7.2:1 7.1:1 7.2:1
rate
CONDENSED GROUP BALANCE SHEET
Unaudited Unaudited Audited
US$ 000`s 31 Aug 07 31 Aug 06 28-Feb-07
ASSETS
Non-current assets 372,582 211,660 242,096
Property, plant and equipment 28,506 22,019 22,307
Capitalised development 13,951 11,229 14,068
expenditure
Goodwill 251,111 140,536 162,586
Other intangible assets 56,406 14,732 20,720
Investments 2,865 0 0
Deferred tax assets 19,743 23,144 22,415
Current assets 1,290,099 1,041,837 1,149,138
Inventories 290,359 225,337 268,944
Receivables 784,335 575,367 656,587
Cash and cash equivalents 215,405 241,133 223,607
Total assets 1,662,681 1,253,497 1,391,234
EQUITY AND LIABILITIES
Ordinary shareholders` funds 612,359 474,112 537,744
Minorities` interest 16,104 13,978 14,852
Total equity 628,463 488,090 552,596
Long-term liabilities 59,537 45,171 50,176
Deferred tax liabilities 7,064 10,122 13,232
Current liabilities 967,617 710,114 775,230
Payables and provisions 758,792 577,698 674,095
Amounts owing to vendors 3,294 3,884 4,044
Taxation 12,712 10,718 14,876
Bank overdrafts 192,819 117,814 82,215
Total equity and liabilities 1,662,681 1,253,497 1,391,234
Capital expenditure incurred in 7,477 6,641 10,633
current period
Capital commitments at end of 4,651 2,107 11,878
period
Lease commitments at end of 112,644 104,753 108,039
period
Payable within one year 21,614 13,624 17,871
Payable after one year 91,030 91,129 90,168
CONDENSED GROUP CASH FLOW STATEMENT
Unaudited Unaudited Audited
six months six months year ended
to to
US$ 000`s 31 Aug 07 31 Aug 06 28-Feb-07
EBITDA 60,450 51,986 119,356
(Profit) / loss on disposal of (106) 112 6
property, plant and equipment
Non-cash items 658 20 2,629
Cash generated before working 61,002 52,118 121,991
capital changes
Working capital changes (58,257) (62,712) (101,924)
Decrease / (increase) in 7,954 (7,614) (58,984)
inventories
Increase in receivables (2,034) (62,927) (121,289)
(Decrease ) / increase in (64,177) 7,829 78,349
payables
Cash generated from / (utilised 2,745 (10,594) 20,067
in) operations
Net finance costs paid (8,049) (4,762) (9,654)
Taxation paid (16,580) (7,671) (14,039)
Net cash outflow from operating (21,884) (23,027) (3,626)
activities
Net cash outflow from investing (160,915) (28,275) (60,303)
activities
Net cash outflow from disposal - - (31)
of operations and investments
Net cash inflow from financing 76,124 4,024 31,485
activities
Capital distribution to (16,775) (6,185) (6,589)
shareholders
Decrease in cash and cash (123,450) (53,463) (39,064)
equivalents
Translation difference on 4,645 4,531 8,205
opening cash position
Cash and cash equivalents at 141,392 172,251 172,251
beginning of period
Cash and cash equivalents at 22,587 123,319 141,392
end of period (*)
(*) Comprises cash resources, net of bank
overdrafts and trade finance advances.
SEGMENTAL ANALYSIS
Restated
Unaudited Unaudited Audited
six months six months year ended
to to
US$ 000`s 31 Aug 07 31 Aug 06 28-Feb-07
Revenue
Westcon 1,385,224 1,129,045 2,271,557
Logicalis 395,505 308,376 693,113
Analysys Mason 31,451 30,699 61,352
Other Holdings 109,524 52,150 141,750
Revenue from ongoing operations 1,921,704 1,520,270 3,167,772
EBITDA
Westcon 47,660 37,951 82,671
Logicalis 8,117 11,842 26,795
Analysys Mason 3,027 3,227 6,202
Other Holdings 1,646 (1,034) 3,688
EBITDA from ongoing operations 60,450 51,986 119,356
Operating profit before
goodwill adjustment
Westcon 41,207 32,923 72,504
Logicalis 3,284 8,550 18,783
Analysys Mason 2,719 3,050 5,752
Other Holdings 1,310 (1,264) 3,245
Operating profit from ongoing 48,520 43,259 100,284
operations
Total assets
Westcon 1,133,779 864,257 873,966
Logicalis 343,990 294,147 343,189
Analysys Mason 51,809 54,324 42,518
Other Holdings 133,103 40,769 131,561
1,662,681 1,253,497 1,391,234
DETERMINATION OF HEADLINE EARNINGS
Equity holders of the parent 27,444 22,858 60,049
per the income statement
Headline earnings adjustments: (106) 78 1,179
Goodwill adjustment - - 1,142
(Profit) / loss on disposal of (106) 112 6
plant and equipment
(Profit) / loss on disposal and - (34) 31
closure of discontinued
operations
Tax effect 32 - (2)
Minorities` interest (2) - -
Headline earnings 27,368 22,936 61,226
DETERMINATION OF UNDERLYING EARNINGS
Headline earnings 27,368 22,936 61,226
Underlying earnings 4,996 (1,861) (918)
adjustments:
Unrealised foreign exchange 536 (3,537) (6,314)
losses / (gains)
Amortisation of intangible 4,460 1,676 5,396
assets
Tax effect (1,502) (560) (1,607)
Minorities` interest (5) (42) 159
Underlying earnings 30,857 20,473 58,860
CONDENSED STATEMENT OF CHANGES IN TOTAL EQUITY
Balance at beginning of period 552,596 461,351 461,351
Translation of foreign (551) (8,533) (4,290)
subsidiaries
Translation difference on 1,481 7,825 8,758
equity loans
Prior year adjustment 1,132 - -
Recognised directly in equity 2,062 (708) 4,468
Attributable profit for period 27,444 22,858 60,049
Total income recognised for the 29,506 22,150 64,517
period
Shares issued 61,225 8,303 26,830
Capital distribution to (16,775) (6,185) (6,589)
shareholders
Share-based payments 659 998 1,375
Acquisitions / disposals - - 2,765
Minority interests 1,252 1,473 2,347
Balance at end of period 628,463 488,090 552,596
25 October 2007
Date: 25/10/2007 08:00:05 Produced by the JSE SENS Department.
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